Hero acquires more stakes in EBR for US $ 2.8 million
Snapshot: Hero already had 49.2 percent stake in Eric Buell Racing and now buying more of the assetвЂ™s will sure provide a larger controlling stake in the performance bike maker
It’s been a long time since EBR (Eric Buell Racing) filed for bankruptcy. Since then there is a huge suspense to the story what will be the future of EBR? Will the company survive or it will shut down? In the first week of July we reported that EBR assets will be up for up auction very soon and it is confirmed now that Hero Motocorp. Ltd has acquired certain EBR’s assets for US $ 2.8 million. It sure came as a relief for EBR as it has been struggling to exist and it is beneficial also for Hero Motocorp., as Hero already owns 49.2 percent stake in Eric Buell Racing and now buying more of the asset’s will sure provide a larger controlling stake in the performance bike maker.
It can safely be said that since Hero bought more of the EBR’s assets, we hope projects like HX250R and Hastur will be taken on the fast lane. Hero and EBR went in the strategic partnership back in 2013 and since then Hero has been working with EBR on certain big projects. It came as a shock when EBR filed for bankruptcy as Hero was relying heavily on EBR for technical support. Hero stated, “the settlement will help the company’s in-house research and development teams to fast track the development of certain consulting projects as well as those projects that EBR was executing on behalf of the Indian auto giant, prior to filing bankruptcy.”
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